Bill > HB6104

This bill amends section 4603 of the Insurance Code of 1956 to modify the requirements for captive insurance companies to obtain a limited certificate of authority in Michigan. Key changes include: - Allowing the Director (rather than the Commissioner) to grant limited certificates of authority to captive insurance companies, subject to certain requirements and standards. - Removing the requirement for captive insurance companies to hold at least one board meeting per year in Michigan, but retaining the requirement to maintain their principal place of business in the state. - Reducing the application fee for a limited certificate of authority from $10,000 to $5,000, and allowing the Director to use internal resources to examine and investigate the application for a $2,700 fee. - Authorizing the Director to renew a limited certificate of authority annually upon receipt of all required fees, as long as the captive insurance company remains in good standing. The bill aims to streamline the process for captive insurance companies to obtain and maintain their authorization to operate in Michigan.

Business and Industry, Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2024-HB-6104